Minor of age 10 and above on terms laid down by the bank. Accounts can also be opened in the name of minor with their father/mother, as guardian as per Bank’s extant guidelines.

Clubs, associations, Educational Institutions, Partnerships and joint stock companies, provided they are registered and bank is satisfied that the account is opened for genuine savings purpose.

The product is not available for NRE deposits.

Interest will be paid and credited half yearly (Sept & March).

Senior Citizen shall get benefit of additional interest as per guidelines effective from time to time (As applicable on Recurring Deposit account).

Staff members (including ex-staff) shall get benefit of additional interest as per guidelines effective from time to time (As applicable on Recurring Deposit account). Retired Staff Members who are Senior Citizen shall get both benefit of Staff rate as well as Senior Citizen interest rate benefit.

Instalment Frequency

Monthly.

Instalment Amount

Minimum amount of core instalment required to open an account is Rs.100/-thereafter in multiple of Rs.100/- above core installment.

Monthly deposit amount can be increased only up to 3 times of the core instalment subject to maximum of Rs.10,000/- per month.

Duration: Minimum 12 Months and Maximum 120 Months. i.e. Term of FRD can be for 12,15,18,21,24…………120 months.

Maturity of Deposit: One month after payment of last installment OR Due date, whichever is later.

Nomination facility

Nomination facility will be available as per extant guidelines.

Tax Deduction at Source

TDS will be deducted on interest payments as per extant guidelines.

Premature Payment

Premature payment facility will be available as per extant guidelines.

Availability of Loan/Overdraft against security of Deposits:

Loan / overdraft facility is permitted up to 95% of outstanding balance at interest rate as per Bank’s existing guidelines issued from time to time for LABOD/ODBOD.

At present the applicable rate of interest on LABOD/ODBOD is 1.00% over interest rate on Fixed Deposit. In case of LABOD/ODBOD against third party FDRs, the applicable rate is 1.00% over interest rate on Deposit rate or Base Rate +0.25% whichever is higher.

In the event of delayed payment of installment/s: No penalty.

Other Terms and conditions

All other terms and conditions as applicable to Recurring Deposit shall be applicable under these products.

Eligibility

Amount of Deposit

Minimum amount of core instalment required to open an account is Rs.100/- thereafter in multiple of Rs.100/- above core installment.(flexibility of changes in instalment amount)

Maximum

Monthly deposit amount can be increased only up to 3 times of the core instalment subject to maximum of Rs.10,000/- per month

Tenure of Deposit

Minimum : 12 Months

Maximum : 120 Months

Installment Frequency

Monthly

Rate of interest

As per the maturity period of the deposit

Payment of Interest

Interest will be paid and credited half yearly (Sept & March)

Interest will be on daily balance.(Half yearly compounding of interest)

Premature Closure

Interest should be paid after deducting penalty of 1% from such applicable rate or the contracted rate whichever is lower in the cases which are subject to charging penalty

Availability of Loan/ Overdraft

Loan / overdraft facility is permitted up to 95% of outstanding balance at interest rate as per Bank’s guidelines issued from time to time.

Maturity of Deposit

One month after payment of last installment OR Due date, whichever is later

Penalty on delayed Payment of Installments

No Penalty

Rate of Interest to Senior Citizen: An Additional interest @ 0.50 % is payable for deposits below Rs.1 crore only

Payment of Installments:The instalment for any calendar month must be paid on or before the last working day of that month. In case of delay in payment of any instalment, penalty shall be charged which is at present, `.1.00 + GSTfor every `.100/- p.m., fraction of a number being treated as a full month for the purpose of calculating such penalty.

Instalments paid during the course of the calendar month in which it is due, shall be deemed as payment made in time.

Alternatively the depositor may continue the account till maturity without regularising it (i.e. without paying the amount of instalments in arrears plus penal interest). In such cases deposits be treated on par with Yatha Shakti Jama Yojana for the purpose of calculation of interest.

Nomination Facility: Nomination facility will be available

Tax Deduction at Source:TDS will be deducted as per income Tax rules. No TDS will be deducted if a person submits form 15G/ 15H as applicable.

Method of Calculation of Interest on or before Maturity:: “In all cases of domestic term deposits (Period of deposit less than a year) where the terminal quarter is incomplete, interest should be calculated for complete quarter and for the actual number of days, reckoning the year 365/366 days, i.e. the calculation of interest on such deposits should be in order of completed quarters and days.”

TDS Certificate: TDS certificate will be provided to all customers.

Advance against Deposits:This facility is not available to Minor account in single name and HUF. For advances taken against deposits, if the depositor does not settle the account within 90 days, Bank has the right to settle the overdraft account against his term deposit.

Interest Certificate available at request of customer

Customer will be provided passbook for the account.

Recurring Deposits can be transferred from one branch to other branch at the request of the customer.

Mode of Payment:Maturity proceeds are credited SB/ CA account of the customer. In cases where there are no operative accounts of the customer, maturity proceeds can be given in cash below Rs.20,000 above which DD/ Pay Order will be issued.

Minor Accounts can be opened for individuals above 10 years subject to maximum cap of Rs.1,00,000/-

A regular RD can be converted to Baroda Yatha Shakti Jama Yojana Scheme.